The FSCS said on Wednesday that it had received a number of claims for compensation where advisers had recommended investments into schemes linked to film partnerships and environmental plans.
Most of these investment arrangements, which are set up by authorised financial advisers and often used for tax mitigation purposes, were for unregulated collective investment schemes (UCIS).
Given the nature of the investments, the lifeboat scheme said it can consider claims against financial advisers who are no longer trading where bad advice had allegedly been given to invest in the unregulated schemes.
Complicated
“As these claims involve complex legal issues relating to the liability of financial advisers, we have taken external legal advice to help us assess these claims,” it said. “As a result of this advice we can now start reviewing individual claims.
“We know that some claimants have been waiting a long time and we apologise for how long it has taken us to resolve these complicated issues.”
